Page 154 - CW E-Magazine (14-5-2024)

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154
Contents
For your requirement oF
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18/42
Chemical Weekly May 14, 2024
Index to Advertisers Index to Products Advertised
Hydrocarbons
RISING DEMAND
‘India’s natural gas consumption to surpass 64-bcm
in 2024’
Natural gas consumption in India The world’s fourth largest tor (up by more than 70 percent y-o-y)
is expected to grow by 7 percent y-o-y importer of liquefi ed natural gas and industry (up by over 15 percent
to 64.35-billion cubic metres (bcm) (LNG) consumed 66.63 BCM natural y-o-y), the agency noted.
in the current calendar year aided by gas in FY24, compared to 59.97 BCM
lower prices and rising demand from and 64.16 BCM in FY23 and FY22, The lower spot price environment
power and industrial sectors. respectively. led to a notable increase in overall
spot tenders for the purchase of LNG
According to the International Fertilisers followed by the power cargoes, with three to four times more
Energy Agency (IEA), India is expected sector, city gas distribution (CGD) tenders in winter 2023-24 than in the
to see an increase in LNG imports due and refi neries are top natural gas previous winter. These tenders also
to the decline in spot LNG prices in consumers in the country. had a higher success rate, particularly
2024. However, this growth could be since October, 2023. With lower prices,
tempered by the increase in domestic Growing consumption the improved competitiveness of
Lower natural gas prices continued gas in certain industries has driven a
gas production from ONGC’s Krishna- to stimulate gas demand in India, greater appetite for LNG imports.
Godavari fi eld.
with gas use in industry rising by an
“Following an announcement by impressive 15 percent y-o-y during India imported 30.92-bcm of LNG
Prime Minister Narendra Modi in the October 2023-February 2024 in FY24, compared to 26.30-bcm
and 31.03-bcm in FY23 and FY22,
January, 2024, the $67-bn investment period, the IEA said.
plan for developing India’s natural respectively. Production in the last
gas supply chain is set to maintain its According to the Petroleum Plan- fi nancial year stood at 35.72-bcm as
momentum over the coming years. ning & Analysis Cell (PPAC), India’s against 33.66-bcm and 33.13-bcm in
India’s natural gas consumption in primary natural gas supply (including FY23 and FY22, respectively.
2024 is projected to increase by over 7 net domestic production and LNG
percent,” the IEA said in its latest gas imports) increased by 16 percent y-o-y As of March, 2024, India’s total
market report. between October, 2023 and February, domestic piped natural gas (PNG)
2024. This strong growth in supply connections were 1.26-crore, while
During October 2023-February refl ects growing demand for natural industrial and commercial consumers
2024, India’s cumulative natural gas gas across all sectors, it added. stood at 18,500 and 40,940, respec-
consumption rose by 17 percent y-o-y tively. The total number of com-
to 28.12-bcm. In the 2023 calendar year, The increase in consumption was pressed natural gas stations stood at
the consumption stood at 60.12-bcm. mainly driven by the oil refi ning sec- 6,456.
Government cuts windfall tax to Rs. 8,400 per tonne
The Government has revised the The new rates will be effective prices in the international market. India
windfall tax on domestically pro- May 1, the central board of Indirect fi rst imposed windfall profi t taxes on
duced crude oil to Rs. 8,400 per Taxes and Customs (CBIC) said in July 1, 2022, joining a host of nations
metric tonne, down from Rs. 9,600 per notifi cation. that tax extraordinary profi ts of energy
metric tonne. companies.
The Government had on April 16
The export duty on petrol diesel and raised the windfall tax on petroleum The rates are reviewed every
aviation turbine fuel (ATF) will continue crude to Rs. 9,600 per metric ton from fortnight based on international crude
Rs. 6,800, after fi rming of crude oil oil prices in the previous two weeks.
Chemical Weekly May 14, 2024 155